Zhitong Hong Kong Stock Exchange Canceled | Sanctions, Thunder, Heavy Rain, Little Sentiment Stabilized, and Walsh or Pigeon Technology Benchmarks Surge

[Anatomy Dashboard]

The world is so magical. Yesterday, the US harshly talked about imposing a “destructive” sanction, making people in the capital market anxious. However, today, nothing more than thunder and rain was a little less. A shares closed higher, and Hong Kong stocks fell slightly by 0.02%.

Let's take a look at specific measures: Starting on the same day, the US will expand the scope of economic sanctions against Iran to fields such as aviation, digital assets, gold, shipping, and technology industries, and will also suspend a number of permits involving Iran, involving some educational activities and services, personal remittances, sports, and academic exchanges. Additionally, around 60 Iran-related entities, individuals, and ships have been added to the sanctions list, covering nuclear and missile technology, cyber operations, oil trade, etc. At the same time, it is also accompanied by threats: On August 24, local time, US Treasury Secretary Bezent issued a warning to the world, urging countries to sever any financial ties with Iran, otherwise they will face the risk of being shut out of the US dollar system. They are all unrelated measures. The most critical of these is to block the deal on Iran's oil. Everyone knows who the biggest buyer is; this is the core; secondarily, so-called second-level sanctions scare small countries or are useful. I don't even dare to actually do anything against big countries.

In this context, various parties are also actively mediating. The Information Bureau of Pakistan's three armed forces issued a statement on the 25th saying that Pakistan's Army Chief of Staff Mounir and Interior Minister Naqvi have completed a one-day visit to Iran. The two sides focused on preventing further escalation of the situation, reopening the Strait of Hormuz, and speeding up measures to end the conflict. Iran is also cooperating quite well; there seems to be a possibility that this part of the strait will loosen up. As a result, gold and shipping are all being adjusted today.

Regarding US treasury bonds, Bezent also announced yesterday that it would use 1 trillion US dollars to buy US debt, which is much larger than the previous 4 billion dollars. Although the market thinks this is also a mitigating measure, at least the attitude has come out.

What is quite surprising today is that many types of technology stocks have rebounded. One very important reason is that there was news in the afternoon that during his speech at the Jackson Hole conference, Walsh may provide important updates on how the Federal Reserve is dealing with inflation and provide certainty for the market. This possibility exists. Walsh has always been implicit. The current situation does not allow him to continue like this. Because Trump's approval rating has seriously declined, interest rates on US Treasury bonds remain high, and the Treasury Department is already trying to save the market. If the Federal Reserve doesn't help anymore, I'm afraid Trump won't be able to get over this situation. As a result, it is possible to release dovish signals, so tech stocks are seeing the light of day.

Musk posted on social media platforms that SpaceX and Nvidia are deeply bound to jointly create the Vera Rubin NVL72 computing power system adapted to extreme environments in space. The first batch of AI satellites equipped with Nvidia chips will be launched in the fourth quarter of 2027, and large-scale in-orbit deployment will be completed in 2028. This means that the first human data center in space orbit is about to be transformed from a blueprint to a reality. Many varieties in the technology category performed very well, especially the two benchmark varieties: 1. Changfei Optical Fiber Cable (06869) surged 888.88% in the first half of the year. The company plans to pay a cash dividend of RMB 10.6 (tax included) for every 10 shares, up more than 15% today; 2. Jiantao Laminate (01888) reported last night's earnings and achieved operating income of HK$14.9 billion in the first half of the year, up 55% year on year; net profit of HK$2,887 million, up 20% year on year, up nearly 14% today; Jiantao Group (00148): revenue for the first half of the year HK$29.131 billion increased by 35%, or nearly 12%; Jiantao Group Chairman Zhang Guorong said he is very confident that the profits of both Jiantao companies will reach more than HK$10 billion this year. If these two leading varieties continue to strengthen, the overall atmosphere of technology can be brought about.

CXO's performance catalyzed another wave. On the evening of August 24, Gloria Ying (06821)'s revenue for the first half of the year was 3.61 billion yuan, up 13.1% year on year; the company expects revenue for the full year of 2026 to increase 19%-22% year on year. Orders are the key. As of the disclosure date of the semi-annual report, the total number of orders in hand was US$1,673 billion, an increase of 53.77% over the same period last year. From the beginning of 2026 to the date of disclosure of the semi-annual report, new orders increased 54.59% year-on-year, and orders for chemical macromolecules and biomacromolecules increased rapidly, laying the foundation for further accelerated growth in subsequent performance. Today, it surged more than 16%; another CRDMO giant, Pharmaceutical Federation (02268), released its financial report for the first half of the year: the group's revenue increased to 3.701 billion yuan, up 37% year over year in actual exchange rate; net profit belonging to the parent company increased 37.4% year over year to 1,027 billion yuan; including potential milestone payments, the total amount of uncompleted orders was about 2.2 billion US dollars, an increase of 62.2% year over year. Today it surged nearly 15%. CXO Pharmacomimetics (02269) and King's Rui (01548) both increased by more than 7%.

The industry is also doing well. On August 24, the State Drug Administration held an administrative (expanded) meeting. The conference called for supporting the high-quality development of generic drugs, strengthening drug use guarantees for special groups, and expanding high-level openness to the outside world. In the first half of 2026, the total amount of foreign authorized transactions of China Innovative Pharmaceuticals was about 110 billion US dollars, reaching 80% of the total for the full year of 2025, once again setting a new record high. In July alone, the industry launched 12 authorized cross-border transactions, with a total transaction size of US$9.253 billion. From the actual latest performance orders, it is revealed that overseas pharmaceutical companies' recognition of domestic innovation achievements continues to rise. Genting Xinyao (01952) turned an adjusted profit loss into a profit in the first half of the year. Sales revenue of the core product Nifukang reached RMB 889 million. Net sales increased 94% year on year, and hospital coverage and patient scale continued to expand. With an end-to-end mRNA technology platform, AI algorithms create core competitiveness and deploy personalized oncology vaccines EVM16 and off-the-shelf EVM14. Today's increase is over 18%. Other varieties, Rongchang Biotech (09995) and Nuochengjianhua (09969), all reversed their performance and showed impressive performance in the BD field, all rising by more than 8%.

According to Xinhua News Agency, the “Road Traffic Safety Law Revision Draft” submitted to the 14th National People's Congress Standing Committee for initial review has set up a special chapter on “Special Provisions for Autonomous Vehicles”, clarifying the concept of autonomous vehicles and auxiliary driving functions, and addressing the key legal aspects of “road rights and responsibilities, traffic rules, and legal consequences.” Forcing car companies to improve algorithm security and data traceability mechanisms to promote the development of industry standards is of great significance to the long-term development of the intelligent connected vehicle industry. Zhejiang Shibao (01057) and Nexteer (01316) rose more than 4%.

Oriental Selection (01797), which was mentioned yesterday, continues to be sought after. The main thing is that the market is optimistic that its own business will grow rapidly. This variety is relatively scarce, because it has already established a high level of popularity. Although there are no leading anchors, the few runaway anchors still have high traffic. In fact, the opposite is boosting their popularity. In the field of live e-commerce, Oriental Selection has indeed stepped out of its own unique route, rising nearly 10% again today.

[Section Focus]

This year's El Niño phenomenon will be the strongest since modern weather records were recorded, and may exacerbate extreme weather such as droughts and heavy rainfall in many parts of the world and have an impact on agricultural production. Farmers in traditional food-growing regions in the central hinterland of the United States are facing the worst crisis in 40 years. Producers are on the verge of collapse due to factors such as the Iran war driving up diesel and fertilizer prices, and trade wars. Research by the United States Federation of Farm Bureau shows that without government aid, farmers growing nine major crops, including corn, will lose 31 billion US dollars this year.

The logic of the direction of agricultural products is relatively rigid. The main varieties of Hong Kong stocks are October Rice Field (09676), Sinochem Fertilizer (00297), Muyuan Co., Ltd. (02714), Dekang Agriculture and Animal Husbandry (02419), Excellent Animal Husbandry (09858), and Modern Animal Husbandry (01117).

[Individual Stock Mining]

McFTSE (02556): AI smart orders were executed in batches, profits exploded, and the performance was impressive

The company announced interim results, achieving total revenue of 1.96 billion yuan, up 111.2% year on year; AI application business revenue of 1.13 billion yuan, up 123.7% year on year; net profit of 200 million yuan, up 466.1% year on year; adjusted net profit of 213 million yuan, up 150.9% year on year; and profit per share.

Comment: Maifushi accelerated the implementation of foreign trade AI agents, and its profit explosion was impressive. The company's overseas trade revenue for the year 2025 was 759.34 million yuan, +134.4% year-on-year, far exceeding the domestic business growth rate. In the first half of 2026, overseas revenue was +89% year-on-year, and there were 982 overseas paying customers. The company's AI business exploded in 2026, with AI accounting for more than half. 2026Q1AI revenue was +110.5%, traditional marketing +0.9%, and revenue from precision marketing services was about 1,331 billion yuan, an increase of nearly 86% over the previous year, providing enterprises with more flexible online promotion solutions in advertising and marketing data analysis. The company's core AI-AgentForce 3.0 central platform+self-developed GEO large model - self-developed multi-model fusion framework, which can schedule large models such as Tforce+ Baidu/Ali, with optimal cost and controllable results. Thousands of reusable knowledge maps have been accumulated, and a total of 210,000 enterprises have been served.

The company's core partners include Baidu and Alibaba Cloud General Large Model+Cloud Computing Power Platform. Mu Xi Co., Ltd. (domestic GPU) has jointly built a “domestic chip+smart device” all-in-one computer, suitable for Xinchuang, cost reduction+safety. Beijing Union Guoxin, OceanBase (Ant): Xinchuang server, database, autonomous and controllable. Globalization is accelerating, the company will focus on Southeast Asia, the Middle East and Europe in 2026, directly serving local enterprises, and increasing the share of overseas revenue. AI all-in-one machines, GEO intelligent assistants, and industry-vertical agents continue to iterate to build a “term factory” (priced based on output value). The self-sufficiency rate of computing power reached 60% +, making it one of the few leading AI applications in China that are self-sufficient in computing power.

The Token factory model is mature, and payment is based on call volume/performance, and revenue certainty and gross profit are significantly improved. The number of the company's KA customers doubled, AI agent penetration increased, overseas travel accelerated, and pay-for-performance ratio increased (higher gross profit). Localized deployment of overseas (Southeast Asia/Middle East) computing power opens up a second growth curve. The company's AI smart orders have been placed in batches. The long-term framework orders for the consumer, automotive and financial industries are sufficient, the renewal rate is extremely high, and the share of AI orders has increased rapidly. The company's AI application revenue doubled, and long-term growth opportunities brought about by the implementation of the Token economy model and overseas business expansion.